Saturday half-day has been an integral
feature of Indian Banking Industry for more
than 150 years. A change in this is not a
small thing. Saturday holiday involves a lot of
procedure, legal formalities, RBI and
government approval etc, followed by gazette
notification, RBI notice to Payment &
Settlements System etc. Although the
agreement is between IBA and 11 Unions,
involving 43 Banks, the holiday is a
permanent one for the entire industry
including co-op Banks, NEFT/ RTGS etc.
Now the matter is in the final stage. The
Finance Ministry may send the notification for
publication in the gazette any time. The exact
date of implementation will be published in
the notification. This is the actual position.
feature of Indian Banking Industry for more
than 150 years. A change in this is not a
small thing. Saturday holiday involves a lot of
procedure, legal formalities, RBI and
government approval etc, followed by gazette
notification, RBI notice to Payment &
Settlements System etc. Although the
agreement is between IBA and 11 Unions,
involving 43 Banks, the holiday is a
permanent one for the entire industry
including co-op Banks, NEFT/ RTGS etc.
Now the matter is in the final stage. The
Finance Ministry may send the notification for
publication in the gazette any time. The exact
date of implementation will be published in
the notification. This is the actual position.
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